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Darwin Professional Underwriters, First IPO on NYSE Arca, Celebrates Transfer to NYSE
First Company Transferring to the NYSE from NYSE Arca Within One Year After Going Public
NEW YORK , April 18, 2007 – Darwin Professional Underwriters (NYSE Arca: DR) today celebrated its transfer to the NYSE after the company became eligible to move to the NYSE. The company’s ticker symbol will remain unchanged. On May 19, 2006 , Darwin Professional Underwriters became the first company to IPO on NYSE Arca, NYSE Euronext’s platform in the US for listing and trading emerging issuers.

“Darwin is very pleased to again be making history at the NYSE by being the first company to list on NYSE Arca and then transfer to the NYSE,” said Darwin CEO Stephen Sills. “NYSE Arca proved to be a valuable listing platform for Darwin ’s IPO in 2006, providing enhanced visibility and liquidity through its electronic trading platform and the Lead Market Maker. The fact that we’ve been able to make the transition to the NYSE within a year of listing is a significant milestone for Darwin and we’re pleased to be moving to the NYSE as the next step in our evolution as a public company.”

“Darwin Professional Underwriters has been a great addition to NYSE Arca, and we are equally pleased that the company is now joining the Big Board,” said NYSE CEO John A. Thain. “NYSE Arca offered Darwin a highly liquid, efficient and visible trading platform, and we look forward to continuing to provide the company the superior services, market quality and added visibility that issuers have come to expect from the NYSE.”

Companies transferring their listing to the New York Stock Exchange from NYSE Arcasm do not pay an initial NYSE listing fee, and once they qualify, can transfer seamlessly to the NYSE, since they have already met NYSE Group corporate governance standards. 

NYSE Arca’s affiliation with the NYSE through their common parent, NYSE Euronext, is attractive to companies considering a listing on NYSE Arca, especially to companies whose ultimate objective is to list on the NYSE.

Background about listing on NYSE Arcasm:

NYSE Euronext’s multiple market platforms share similar attributes, providing superior trading quality over competitor models. In the NYSE Arca market model, listed issuers participate in the selection of a “Lead Market Maker” responsible for maintaining tight spreads and providing the opportunity for price improvement. NYSE Arca has captured a significant portion of trading in Nasdaq stocks by providing excellent market quality, as measured by its superior effective spreads and speed.

  • NYSE Arca listing standards extend the NYSE’s focus on providing a listing and trading venue for quality companies.
  • Emerging growth companies – both domestic as well as non-US companies - have the opportunity to list on NYSE Arca as an alternative listing venue, enabling NYSE Euronext to compete for smaller-sized companies that previously did not qualify.
  • NYSE Arca is a globally recognized, fully electronic platform that trades around one billion shares each day on average, and that is growing quickly.
  • NYSE Arca-listed companies participate in the selection of a “Lead Market Maker” responsible for maintaining depth and quality of trading in the stock. The “Lead Market Maker” brokerage firm has quote and execution obligations and the responsibility for keeping tight spreads in the stock – resulting in the superior market quality that issues have come to expect. 
  • Once they qualify, NYSE Arca-listed companies are able to seamlessly transfer to the full NYSE listing as they’re already part of the NYSE Euronext family of listed companies.

About Darwin Professional Underwriters, Inc.

Darwin is a specialty insurance group based in Farmington , Connecticut . The company is focused on the professional liability insurance market and underwrites directors and officers ("D&O") liability for public and private companies, errors and omissions ("E&O") liability insurance, and medical malpractice liability insurance. Darwin member companies include Darwin Professional Underwriters, Inc., Darwin National Assurance Company (DNA), and Darwin Select Insurance Company (Darwin Select). DNA and Darwin Select have earned a financial strength rating of "A- (Excellent)" from A.M. Best Company. Darwin is traded on the NYSE Arca exchange under the ticker symbol, "DR." The company became NYSE Arca's first listed company with its initial public offering in May 2006. For more information about Darwin, visit www.darwinpro.com.

About NYSE Euronext

NYSE Euronext, a holding company created by the combination of NYSE Group, Inc. and Euronext N.V., commenced trading on April 4, 2007 . NYSE Euronext (NYSE/New York and Euronext/Paris: NYX) operates the world’s largest and most liquid exchange group and offers the most diverse array of financial products and services.  NYSE Euronext, which brings together six cash equities exchanges in five countries and six derivatives exchanges, is a world leader for listings, trading in cash equities, equity and interest rate derivatives, bonds and the distribution of market data.  Representing a combined $28.5 trillion/€21.5 trillion total market capitalization of listed companies and average daily trading value of approximately $118.8 billion/€89.9 billion (as of February 28, 2007), NYSE Euronext seeks to provide the highest standards of market quality and integrity, innovative products and services to investors, issuers, and all users of its markets.